Eiffel Trading 101: How is Used Steel Priced?
When it comes to purchasing used steel beams, plate, pipe, sheet pile or crane access trestle, it is important to understand what different pricing terms mean. What happens when suppliers are giving you prices in CWT, Tons, Tonnes and Gross Tons? How can you compare your quotes apples to apples?
Example: We are going to order 400 linear feet of used W36x232 beams at 40’ lengths. The steel beams come out to 92,800 pounds of steel. The price is listed at $0.30/LB.
The example already lists the used beams at $0.30/LB.
Hundredweight or commonly written as CWT refers to the price for steel for every 100 pounds. To convert the price per pound to hundred weight, you will multiply the price by 100.
Used beams at $0.30/LB equals $30/CWT
When pricing steel per ton, we are referring to the “short ton” or “net ton”. Steel mills frequently give you pricing on their steel beams in tons. To convert the price per pound to price per ton, you will multiply the price by 2,000.
Used beams at $0.30/LB equals $600/Ton
Over the phone, Tonnes is pronounced the same as tons, but is an entirely different form of measurement. A Tonne is a metric tonne or MT, which is equivalent to 1,000 KG. This standard of measurement is common with steel sold outside of the United States. To convert the price per pound to price per tonne, you will multiply the price by 2,204.62.
Used beams at $0.30/LB equals $661.39/Tonne
Gross tons are primarily used to measure scrap steel. Gross ton is also known as “long ton” or “imperial ton”. A gross ton is 12% larger than a short ton. To convert the price per pound to price per gross ton, you will multiply the price by 2,240.
Used beams at $0.30/LB equals $672/Gross Ton
As you can see through these examples, any pricing you receive can easily be converted into a price per pound. Any used steel beams, plate, pipe, sheet pile or crane access trestle listed on Eiffel Trading is priced per pound. If you would like to learn more or have any questions buying or selling used equipment and material please call us at 1-800-541-7998 or email email@example.com.
Andrew Norman is one of the co-founders of Eiffel Trading. His background is in Heavy-Civil and Marine Construction in Project Management and Procurement. While working in project procurement on large government contracts he would frequently compare steel pricing from multiple suppliers and vendors.